Housing Development - Programs & Services
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Housing development staff at Three Rivers work
with communities in the 20-county area of Southeast and South Central
Minnesota to link housing needs with housing projects and programs.
This work is done in a variety of ways.
Housing Development
Three Rivers has the development expertise to plan housing projects,
raise construction and subsidy funding, oversee construction, facilitate
sales and/or marketing and permanently operate completed housing projects.
Depending on the local need, Three Rivers can serve in a variety of roles,
including consultant, sole developer, partner developer, fund administrator,
and community advisor. For more information on how Three Rivers can work
with your community, please contact Jenny Larson at 507-732-8510.
Community Planning
Three Rivers is committed to developing housing that meets locally
identified needs. Staff at Three Rivers can assist the community in
identifying a process for researching housing needs in the community,
gathering community members in a planning process to prioritize needs
and identify an implementation plan for addressing the community
housing needs. For more information on how Three Rivers can work
with your community, please contact Jenny Larson at 507-732-8510.
Advancing Homeownership
Southern Minnesota's Emerging Markets Homeownership Initiative
The population in Southern Minnesota is becoming increasingly diverse as new immigrant (particularly Latino and East African) households settle in and around regional employment centers. These diverse "emerging market" households are important members of the community, providing essential labor to local industry, purchasing local goods, stabilizing enrollment in struggling school districts, opening new businesses, and becoming community leaders. As emerging markets households establish themselves in the community, homeownership is a logical step. However, the homeownership rates of the emerging market households lag far behind the homeownership rate of white households. Three Rivers Community Action, Inc. and Southwest Minnesota Housing Partnership, together with several partners, resources and advisors, have launched a regional initiative that will begin to close that homeownership gap. With resources committed from Greater Minnesota Housing Fund, NeighborWorks America and other funding partners, the Advancing Homeownership initiative will:
- Creat or enhance working groups in each community to encourage a safe environment of resources for the emerging markets consumers in their quest for housing and homeownership
- Assess and fill gaps in target communities for culturally tailored financial literacy, homebuyer education and after purchase counseling
- Create an emerging markets homebuyer mentorship program with peer-to-peer support to enhance long term success in their homeownership
- Implement a housing industry recruitment program in one of the target markets
- Create or enhance interpretive services specific to home buying in target communities
- Host trainings for local lenders/real estate agents in affordable programs for homebuyers
- Provide individual assistance to households as they navigate the home buying process
- Leverage existing financial resources and seek additional financing opportunities (such as downpayment assistance, gap financing, affordable mortgage products, etc.) to assist emerging market households in entering homeownership
Emerging Markets Summary Sheet
Demographic Summary
Downpayment Assistance Available!
Three Rivers Community Action is pleased to announce that we are administering a new downpayment assistance program for income-qualified buyers who are purchasing foreclosed properties. Click HERE for a program flyer.
Buyers can qualify for either $10,000 or $15,000 depending upon income. Loans are 0% interest and forgiven if the buyer remains in the home for 5 years.
Requirements:
- The property must be a foreclosure or short sale.
- The property must be located in an incorporated city and have city sewer and water service.
- Buyers must meet income guidelines.
- Buyers must complete an eight-hour Home Stretch homebuyer education class (even if they have previously owned a home). For a list of classes, go to www.hocmn.org/firstTimeHomeBuyers-map.cfm
- Buyers must be able to qualify for a mortgage that meets program guidelines (long-term, fixed interest rate).
- Buyers must obtain a professional inspection for the property they intend to purchase.
Funding for the program is coming from Greater MN Housing Fund and the Federal Home Loan Bank of Des Moines. Funding is limited and cannot be guaranteed until all application materials are submitted and approved.
Home Matters
In an effort to stabilize homes and neighborhoods affected by foreclosure and create new opportunities for low- and moderate-income homebuyers, Three Rivers Community Action has launched the ‘Home Matters’ purchase-rehabilitation-resale program in the City of Northfield. The program is a partnership with the Northfield HRA, RENew Northfield, Greater Minnesota Housing Fund, Blue Cross and Blue Shield of Minnesota Foundation, Federal Home Loan Bank of Des Moines, Minnesota Pollution Control Agency, Northfield Area Foundation, and other local partners, including lenders, real estate agents, and general contractors.
On average, foreclosed homes are some of the oldest and most affordable in town. However, in the period leading up to and following foreclosure, the houses are often neglected, abandoned and fall into significant disrepair. These homes typically have health and safety issues such as mold, moisture, and lead-based paint. The homes are uneconomical to operate because of outdated heating and cooling systems, too little insulation, inadequate doors and windows, and inefficient appliances. These maintenance and safety issues require such significant upfront capital, that many homebuyers cannot afford the necessary updates in addition to buying the house. These issues create a great need for investment by Three Rivers and its partners.
In the Northfield stabilization effort, our first rehabilitation house is now under construction and will be featured as a model home for educating the community about the project and our sustainable construction practices. The home will feature a wide array of new technologies, innovative products, and best practices for retrofitting homes to improve their indoor air quality and energy efficiency, while minimizing impacts on the environment. As work continues on this home, Three Rivers will be hosting a wide array of events and educational opportunities.
Follow the Home Matters project by visiting our blog at www.home-matters.org
Outreach and Education
Housing staff at Three Rivers can provide information and lend expertise
to communities in southern Minnesota. Staff regularly present information
to city councils, HRA boards, EDA boards, local service groups, faith
organizations and others. In addition, Three Rivers staff serve on
local and regional housing committees. For more information on having
Three Rivers present information in your community,
contact Jenny Larson at 507-732-8510.
Program Administration
In addition to administering funds for its own development projects,
Three Rivers administers housing programs on behalf of cities, employers,
and private developers. For more information on having Three Rivers
administer programs in your community,
contact Jenny Larson at 507-732-8510
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